The Truth About Gum Disease

Monday, April 6, 2009

Leaders and central banks in Russia, China, Malaysia, Indonesia, Thailand, and Kazakhstan have called for an international currency system.

Speaking on April 1 in advance of the G-20 summit in London, Russian president Dmitry Medvedev argued that the international finance system needed a “new construction” including “new currency systems”, saying that such a new system could be the purpose of a revamped IMF and World Bank. The IMF was originally founded in 1946 as the overseer of the Bretton Woods system, which from its founding until the 1970s tied the western world’s currencies to the US Dollar, which was in turn backed by gold. Russia’s proposal was for the new currency to serve as a reserve currency, one which would take the place of the dollar, euro, and other heavily-traded currencies as an international standard of exchange.

Medvedev’s comments are a reversal of Russian position from a lukewarm response following a looser outline for a worldwide currency by Kazakhstani president Nursultan Nazarbayev. On March 11, Nazarbayev suggested the establishment of the “acmetal”, a portmanteau of “acme” and “capital“, as a reserve currency replacing the ruble in international transactions, first for Central Asia and then worldwide. 1999 Economics Nobel laureate Robert Mundell, speaking to the Daily Telegraph, endorsed the idea, saying “It would be a very good idea if the G-20 took that idea up in London”.

2001 Nobel economics prize winner Joseph Stiglitz, meanwhile, said the new currency could come about quickly if it was based on an expansion of the IMF’s already established system of Special Drawing Rights, units of exchange used by the IMF which already have some of the features of currency. Stiglitz argued that, as the US dollar has become the standard global reserve currency, it has inadvertently created a system which hurts the world economy. “It’s a net transfer, in a sense, to the United States of foreign aid,” he argued, reasoning that when other countries purchase US dollars in order to use them on international markets (such as for the buying and selling of petroleum), they effectively give the US a zero-interest loan — sometimes at times when they can least afford it. Stiglitz made his comments as head of a United Nations panel of economists giving recommendations to address the global financial crisis.

In the weeks leading up to the G-20 conference, the People’s Republic of China also began discussing a new system for reserve currencies. In a March 23 speech, Zhou Xiaochuan, governor of the People’s Bank of China, endorsed a new reserve currency, saying “the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Zhou went on to endorse the expansion of the SDR system in the long-term creation of a reserve currency government by the IMF. While Zhou did not mention the US dollar specifically, analysis by Qu Hongbin, chief China economist for HSBC, for the Financial Times said that the speech “is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money”.

China holds $740 billion as assets; inflation in the US economy, which has been low in recent years, would directly cause those assets to lose value.

While the Chinese government has engaged in currency swaps with several other growing economies, such as South Korea, Argentina, Malaysia and Indonesia, the Chinese Yuan cannot be used itself as a reserve currency as it cannot be freely traded on the global market.

The Chinese-Russian proposal was not entered onto the agenda at the G-20 meeting itself. Nonetheless, British Prime Minister Gordon Brown said that the G-20 was open to considering the proposal if and when a detailed one is presented. United States President Barack Obama, meanwhile, endorsed the continuation of dollar supremacy, saying that the US dollar is “extraordinarily strong” and arguing that its strength was the result of the intrinsic stability of the United States economic and political system; US treasury secretary Timothy Geithner had, the week before, made comments that while he supported an expansion in the SDR mechanism he rejected the idea of a global currency. Rather than change the role of SDRs, the G-20 meeting instead added $250 billion in support to the fund backing SDRs.

After the G-20 conference ended on Thursday, Malaysia’s The Star BizWeek reported that the central banks of Indonesia, Malaysia and Thailand had endorsed the Chinese proposal. All three countries have close economic ties with China and suffered heavily from the collapse of their currencies in the 1997 Asian Financial Crisis; the sudden growth in the value of the US dollar relative to those countries’ native currencies sharply increased debt in Southeast Asia’s economies, leading to a wave of bankruptcies.

International reaction from other economies has been mixed and guarded. Luiz Inacio Lula da Silva, President of Brazil, said that the currency proposal was important to discuss but did not give extensive comment. And while UPI reports that India supported the SDR proposal at the G-20 conference, the Indian Press Trust quotes Indian Prime Minister Manmohan Singh as saying last month, “It is too early to talk about common currency.”

Calls for an independent global reserve currency are not new. In 1944, John Maynard Keynes proposed the “bancor“, a unit like the SDR supported by a basket of commodities. Keynes’ idea was rejected and the US dollar took the equivalent role under the Bretton Woods system. Keynes proposed that the bancor system would be reinforced by a tax on participating countries’ current accounts, the difference between their exports and their imports, in order to encourage balanced trade. Meanwhile, monetary unions have become more popular since the end of the gold standard, with most of the European Union now trading the euro, and several countries outside the EU using it as a de facto currency; five West African countries adopting the eco at the end of this year; and the African Union planning to introduce the afro in 2028. Proposals for a North American currency union based around the so-called “amero” have been frequently discussed as the focus of conspiracy theories in the United States, but none of the US, Canada or Mexico have actively pursued the establishment of any such monetary union, however the dollar is the currency of several Latin American countries.

Saturday, February 11, 2006

Australian Prime Minister John Howard and state and territory leaders have promised to spend an extra AU$1.1 billion on mental health over the next five years. The funding is part of a broad strategy to improve the standard of mental health care, and includes additional places for medical students and a national phone advice network.

The announcement was made at the Council of Australian Governments meeting. NSW Premier Morris Iemma praised the plan. “At long last there is real hope for the mentally ill and their families,” he said.

The focus of the strategy will be prevention and early detection. This includes a tougher stance on cannabis cultivation. In the past few weeks the Prime Minister and a number of state Premiers have linked cannabis use to mental illnesses such as schizophrenia.

The number of medicine positions at universities will be increased by increasing the cap on full fee paying students. Loan assistance for medical students will also be increased.

Federal Opposition leader Kim Beazley was critical of the announcement, saying that the mental health system has been in need of reform for ten years.

Friday, April 15, 2005

The last British-owned volume car manufacturer, MG Rover, has closed down, with the loss of 5,000 jobs.

International accounting firm PriceWaterhouseCooper was brought in last week to put the company into administration. Today PwC announced that MG Rover’s only hope, the Chinese car company SAIC, had no interest in buying the ailing firm. With no further source of revenue, PwC has closed the company’s factory in Longbridge, Birmingham and has laid off 5,000 workers.

Some 1,000 workers will continue for a while to complete the remaining cars left on the production line.

The BBC reported PwC joint administrator Tony Lomas as saying “We’ll explore what we would describe as the break-up of the business, we will carry on with the interested parties who want to talk about pieces of the business.”. PwC said around 70 offers for various parts of the company had been made but no serious offers of money made.

Recent efforts to save the company had been centered on convincing SAIC (Shanghai Automotive Industry Corp.) to buy the company as a going concern, but the Chinese company stated it would only buy the company if it’s financial position could be guaranteed to be secure for at least two years. The British government could not make such a commitment due to European Union trade and competition rules.

The SAIC company did buy the designs for the 75 and 25 models and for the K-Series engines for £67m.

The Rover car company has a long but troubled history. It was formed in 1968 after a series of mergers of existing car manufacturers, and was nationalized in 1975 after it ran into financial difficulties. In 1979 a long-running deal to collaborate on developing new vehicles was established with the Japanese company Honda. In 1988 the company was privatized and was bought by British Aerospace. In 1994 British Aerospace sold the business to BMW, who then sold the Land Rover brand to Ford and finally sold the company in 2000 for just £10, retaining the well-known Mini brand for themselves. The MG Rover company was run by a private group until its collapse.

MG Rover has not launched a new model since the 75 was introduced in 1998 during the period of ownership by BMW. Their next newest model was the 25, originally launched as the 200 series some ten years ago. Rover also produced the 45, which dates from 1990, and the ZF sports car first launched in 1995. Sales of Rover cars accounted for just 3% of the UK car market in 2004.

Tony Blair announced a £150 million support package for the recently unemployed workers of the MG Rover plants, though it has been claimed that his generous offer may be more as a result of the nearby marginal seats in the upcoming elections than compassion on his part.

Tuesday, January 15, 2008

Satire site Uncyclopedia, a parody of online encyclopedia Wikipedia, has been labeled by the Malaysian government as dangerous. The Internal Security Department of Malaysia issued the warning today, saying that the site has “messages and information insulting Malaysia”.

The warning notes the creation date of the website as being 5 January 2005, and hosted by Wikia, Inc., both of which are correct. However, it claims Wikia owns Wikipedia; Wikipedia is a charitable non-profit website owned by the non-profit Wikimedia Foundation, while Wikia is an independent, for-profit company.

The report evidently mentions that Uncyclopedia covers Malaysian “history, culture, the political leaders, the government, the national song and the name / history of the national flag,” none of which is “correct”. They accuse the website of helping to reinforce a bad international image of their country.

There are no reports of the site being blocked from access within the country, only this statement, which urges Malaysians not to circulate the content.

Uncyclopedia’s article on Malaysia begins:

The site has fired back with a parody article posted at the site under their UnNews section, titled Uncyclopedia Internal Security Department warns on Malaysia. The article suggests that the “Internal Security Department of the Uncyclomedia Foundation,” which is a facetious and fictitious parent organization of Uncyclopedia, identifies Malaysia “as a dangerous country… It warned its people not to use the country today.”

There are forty-seven individual language editions of Uncyclopedia, including Tolololpedia, which is written in Bahasa Melayu, the Malay language. This is in addition to fictional “language” editions which include Oscar Wilde, Newspeak, N00b, White Supremacist, and Re: PharmaccgRy.

Tuesday, February 15, 2005

Dublin — Yahoo!, the internet portal, today announced it has chosen Dublin, Ireland as the location of its European Headquarters. Ireland beat off stiff competition from other European countries to win the investment. The move is expected to create over 400 jobs – two thirds of which are expected to be for graduates with skills in information technology, financial services, customer support and website editorial.

Earlier in the month, Ireland lost a potentially multi-billion euro investment by Dell for a new manufacturing facility to Scotland. This was a huge disappointment for IDA Ireland — the countries main development agency — which had offered heavy incentives to the US computer maker. This brought about fears that Ireland had lost its ability to attract high-value investments from foreign multinationals — the driving force of Ireland’s Celtic Tiger economy.

Speaking about the investment, the Irish Minister for Enterprise, Trade and Employment, Micheál Martin, said winning the Yahoo project was a “truly outstanding achievement for Ireland”. Yahoo’s Senior Vice President International, John Marcom, said the decision to locate its European operations headquarters in Ireland was influenced by a “number of factors” which included “the calibre and volume of graduates available in Ireland, the up to date cost competitive telecommunications and data centre infrastructure, and the assistance of IDA Ireland.”

Yahoo is one of the world’s largest internet companies. Its decision to locate in Ireland confirms Dublin’s continued attractiveness to internet and technology companies – Google, Bell Labs, eBay, Microsoft, Amazon and Oracle all have significant Irish operations.

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Monday, September 24, 2007

Marion Schaffer is running for the Green Party of Ontario in the Ontario provincial election, in the Oakville riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Wednesday, September 24, 2008

United States presidential candidate John McCain announced today that he is suspending his campaign and sought to postpone a scheduled debate with his opponent, Barack Obama, to focus on the country’s financial crisis and says that Obama should also suspend his campaign.

McCain said he would be asking president George W. Bush to call a meeting for members of Congress in order to support Bush’s controversial $700 billion bailout plan, but also said that there is no consensus for the proposal and it will not pass in its current form.

He called the crisis “historic,” stressing the need for legislation and warning of “devastating consequences”.

“I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem. It has become clear that no consensus has developed to support the administration’s proposal and I do not believe that the plan on the table will pass as it currently stands. We are running out of time,” said McCain during a press conference.

Early this morning, Obama had called McCain and asked for the two to put aside partisanship and focus on the economic troubles. The two agreed to issue a joint statement supporting an economic fix, just minutes before McCain made his announcement. Bush is scheduled to speak to the people of the U.S. in a televised speech at 9:01 PM EDT tonight.

Obama responded to McCain’s speech minutes later, confirming that he would still attend the debate. He expressed a desire for fairness to taxpayers and an objection to rewarding those responsible for the financial crisis. Both candidates have stated that they intend to put politics aside to work on the financial crisis. Obama said, a president “is going to have to deal with more than one thing at a time.”

The proposal comes in the wake of Congressional hearings where US Federal Reserve chief Ben Bernanke and Treasury Secretary Henry Paulson have urged support of the measures proposed by the administration. Despite such appeals, both McCain and Obama have expressed skepticism over the proposed bailout, and the U.S. Congress has shown a noted concern that the measure may not benefit ordinary home owners as well as those on Wall Street.